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Nava Bharat Ventures Ltd.

BSE: 513023 Sector: Others
NSE: NBVENTURES ISIN Code: INE725A01022
BSE LIVE 09:36 | 17 Aug 130.40 2.45
(1.91%)
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131.95

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NSE 09:21 | 17 Aug 131.35 4.05
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OPEN 129.85
PREVIOUS CLOSE 127.95
VOLUME 4226
52-Week high 155.00
52-Week low 103.00
P/E 30.68
Mkt Cap.(Rs cr) 2,329
Buy Price 130.10
Buy Qty 50.00
Sell Price 130.55
Sell Qty 20.00
OPEN 129.85
CLOSE 127.95
VOLUME 4226
52-Week high 155.00
52-Week low 103.00
P/E 30.68
Mkt Cap.(Rs cr) 2,329
Buy Price 130.10
Buy Qty 50.00
Sell Price 130.55
Sell Qty 20.00

Nava Bharat Ventures Ltd. (NBVENTURES) - Director Report

Company director report

NAVA BHARAT VENTURES LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT Dear members, Your Directors have pleasure in presenting the 40th Annual Report along with the audited accounts for the year ended 31st March, 2012. FINANCIAL RESULTS: The financial performance of the Company, for the year ended 31st March, 2012 is summarised below: (Rs. in lakhs) 12 months ended 31st March, 31st March, 2012 2011 Turnover/Income (Gross) 119,989.19 123,217.70 Profit before Finance charges, Depreciation 29,169.24 37,373.16 and Taxation Less: Finance charges (excluding amount 1,610.13 2,159.07 capitalised) Profit before Depreciation and Taxation 27,559.11 35,214.09 Less : Depreciation 4,731.44 4,584.89 Profit for the year after Depreciation 22,827.67 30,629.20 Less : Provision for taxation-Current tax 4,610.00 5,675.00 - Deferred tax 1,408.00 39.56 - Tax of earlier years - 191.01 - MAT credit entitlement (1,271.00) (5,655.00) Profit after Tax 18,080.67 30,378.63 Balance brought forward from last year 91,593.59 77,175.40 Transfer from Contingency Reserve 8,100.00 - Excess provision of dividend written back 982.08 - Profit available for Appropriation 118,756.34 107,554.03 Appropriations Dividend on Equity Share Capital 3,372.57 5,128.47 Corporate Dividend Tax 547.12 831.97 General Reserve 5,000.00 10,000.00 Surplus carried to Balance Sheet 109,836.65 91,593.59 118,756.34 107,554.03 REVIEW OF OPERATIONS: The financial year 2012 was marked by global economic slowdown, having an adverse effect across sectors, especially on infrastructure related industries like power and steel. The situation was further aggravated on account of higher fuel costs, reduced availability of domestic coal, bottlenecks in rail connectivity and steep depreciation of Indian rupee versus US$. The deteriorating financial position of state power utilities forced them to adopt a cautious demand management thus depriving merchant power developers a viable market price. Your Company's performance in this backdrop could be considered reasonable notwithstanding the external pressures in the form of strife in Andhra Pradesh and imposition of restrictions on open access in Odisha, impacting power volumes significantly during FY2012. The flexibility to use power for captive consumption enabled the Company to sustain profitability. Members will note that the turnover of the Company decreased by 2.62% to Rs.119,989.19 lakhs in FY 2012 while profit before tax and after tax registered decreases by 25.47% and 40.48% at Rs.22,827.67 lakhs and Rs.18,080.67 lakhs respectively, reflecting the effect, mostly of external factors on the operations and margins of the Company. INDIAN OPERATIONS & PROJECTS: Power Division: The Company's power plants in A.P. and Odisha have a total installed capacity of 228 MW. The 114 MW power plant at Paloncha generated gross energy of 886.59 MU at a PLF of 89%. After meeting the requirements for auxiliary and captive consumptions, 532.26 MU were sold. The power plant operated at sub-optimum level for part of the year due to shortage of coal on account of Telengana agitation and replacement of Generator Transformer. The 94 MW power plant in Odisha generated gross energy of 537.95 MU at a PLF of 65%. After meeting the requirements for auxiliary and captive consumption, 372.41 MU were sold. The operation of the power plant was impacted by planned turbine maintenance and stoppage of generation of the 64 MW Unit for over three months owing to imposition of Section 11 of the Electricity Act by the Govt. of Odisha, which led to un-remunerative tariff from GRIDCO. The 20 MW power plant at Dharmavaram, A.P., generated gross energy of 75.20 MU at a PLF of 43%. After meeting the auxiliary consumption, 69.224 MU were sold. The generation was curtailed for more than 6 months due to un- remunerative merchant power tariff which did not even cover variable cost (coal cost). A new 64 MW Power Plant in Odisha is getting ready for commissioning during the second quarter of the current financial year 2012-13. The commissioning of this project got postponed due to delay in obtaining regulatory approvals which have since been received. A 150 MW coal fired Power Project is under implementation at Paloncha through Nava Bharat Energy India Limited (NBEIL) at an estimated cost of about Rs. 670 Crores. Most of the civil works are nearing completion and mechanical erection of equipment is in advanced stage. The project is likely to be commissioned in the last quarter of FY 2013. With a view to mitigate the fuel cost risk, NBEIL is exploring the possibility of dedicating a part of output for industrial use through strategic associations with bulk consumers for obtaining steady returns while the balance output will be available for merchant sale. Ferro Alloy Division: The Company manufactures Silico Manganese and Ferro Manganese at Paloncha, Andhra Pradesh with a capacity to produce 125,000 TPA. The Company also has Ferro Chrome capacity of 75,000 TPA at Kharagprasad, Odisha. Demand for Ferro alloys remained subdued due to continued global economic slowdown, specifically in Europe, though there was a marginal improvement over the previous year. During the year, the Company produced 63,602 MT of Silico Manganese and sold 64,900 MT which was marginally higher than in the previous year. Relative margins formed the basis to switch the utilisation of power for captive use or merchant sale and, accordingly, during the last quarter, manganese alloy production was reduced to sell the resultant surplus power to yield higher margins. The Company resumed production of Ferro Chrome at the Odisha Unit with the commencement of a three year conversion contract with Tata Steel Limited (TSL) and produced 26,163 MT of the product during the year 2011-12. The Company will dedicate the entire capacity of its Unit in Odisha for producing to TSL. Agri-business Division: During the year, the Sugar Plant produced 4,086 MT of Levy Sugar and 36,778 MT of sugar for free sale. The Unit registered a recovery of 10.10% on a volume of 4,05,098 MT of cane in 2011-12, spread between two seasons. Revenue from by-products like molasses and power aided the unit to mitigate the costs and post profits. Part of the molasses have been used for captive consumption by the ferro alloy smelters in Odisha. Similarly, part of the bagasse was consumed in the 9 MW Co-generation power plant in this Unit and partly by the 20 MW mixed fuel based power plant at Dharmavaram. International Foray: Your Company's international investments through its subsidiary in Singapore have mainly focused on coal mining, power generation and commercial agro based industries in developing and emerging economies in Africa and South East Asia. The business model in all these ventures envisages inclusive local development and value addition which is well received by the stakeholders in the respective domains. Your Company expects that these overseas projects which are well integrated, will afford it sustainable returns on investments, commensurate to their size. Your Company is geared to gradually ramp up, over the next five years, the scale of international operations in such a way that revenues and earnings are well dispersed across different countries and minimise the risk of dependency on one sector and one geographical location. These investments, made over the last three years, resulted in your Company's subsidiary in Singapore obtaining strategic management control on quality assets. Typical to such projects, they have a gestation period of three to five years before positive cash generations start accruing. Till such time, the Company is committed to provide support by deployment of funds out of its cash accruals or otherwise, at various stages in such projects along with similar support from Joint Venture partners, if any, aside from extending managerial and logistical support by deputing qualified personnel to such projects. The Company expects that the aggregate commitment in these projects would be Rs. 1,597 Crores of which Rs.447 Crores stands deployed up to the end of FY 2012 while a sum of Rs.535 crores is factored to be deployed in FY 2013. Nava Bharat (Singapore) Pte. Limited (NBS)-the hub of overseas investments NBS, a wholly owned subsidiary of the Company, has been engaged in trading of Ferro alloys since 2004-05. Leveraging its strategic location, NBS acts as the hub for all overseas investments of the Group and strategic associations and joint ventures in different geographic domains. NBS has obtained economic interests in special purpose companies and operating companies. The Company's existing and future cash accruals form the basis for these investments through NBS. NBS has also been raising overseas debts leveraging upon parent recourse, pending infusion of equity by the Company. The principal investments of NBS lay in coal mining and thermal power generation in Zambia, hydel power generation in Laos and commercial agriculture in Tanzania, all of which are in various phases of development and implementation. Integrated Coal Mining and Power Project in Zambia: Maamba Collieries Limited (MCL) is a step down subsidiary of the Company and is controlled to the extent of 65% through NBS. The balance equity of 35% in MCL is controlled by ZCCM Investments Holdings Plc, a Government of Zambia undertaking with a strong financial position and healthy track record. MCL holds the largest coal concession in Zambia, a stable democratic country with immense economic potential in Sub Saharan Africa. The coal concession of MCL has both thermal and metallurgical high grade coal seams which facilitate local value addition through coal fired power generation as well as merchant sale of coal. MCL took up, in 2011, an integrated coal and power project, aimed at resumption of large scale coal mining (which was stopped some years ago) and establishment of a mine-mouth, coal fired power project of 300 MW capacity in Phase I. The coal mining operations have since been resumed and movement of coal to markets within Zambia and neighbouring countries has begun. MCL expects to generate coal sale revenues beginning from FY 2013 with gradual ramp up in line with the demand. The 300 MW power project under Phase I is being implemented by SEPCO, one of the largest construction companies in China, under an EPC Contract. MCL has received the requisite clearances including environmental approval and SEPCO has commenced the construction work at site. This project is slated to go on stream by April, 2015. Zambia has hitherto been dependent on hydel power generation only. MCL's 300 MW thermal power plant will therefore provide the much needed base load power for Zambia and help Zambia sustain its industrial and economic development. MCL estimates a capital outlay of about US$ 750 Million on this integrated project which will be funded by equity contributions by both NBS and ZCCM and long term debt from development financial institutions and banks and need based bridge finance in the interim. MCL has tied up the power sale with the Zambian power utility under a long term Power Purchase Agreement. Hydel Power Project in Laos: Laos in South East Asia has immense hydro power potential and has evolved as the principal source of power for this region which comprises industrialised countries like Thailand. Your Company's subsidiary in Singapore (NBS) has acquired a majority stake in Kobe Green Power Co. Ltd. (KGP). KGP is a Japanese company holding the development rights for a Hydel Power Concession in Laos which translates to a capacity of about 108 MW. KGP has commissioned detailed feasibility and hydrology studies as part of the developmental activities and will pursue a Project Concession from the Government of Laos with tie up for power sale to the local utility. The estimated cost of the project is around USD 330 million. NBS plans to substitute its investment in KGP with a majority stake in the Project Company after the Project Concession is secured from the Government of Laos. Meanwhile, it has been funding the initial developmental costs which will be transferred to the Project Company as its share of equity. Commercial Agriculture in Tanzania: Your Company has over the last three decades been engaged in sugar business and has developed in-house expertise in agricultural farming and commercial ventures covering a wide range of agro products. To leverage this expertise, your Company has evaluated agro based investments abroad. Tanzania, in Eastern Africa, is ideally placed for commercial agriculture with the right indices of rainfall and weather conditions, arable land and connectivity to sea ports, aside from huge local demand for these food products. After conducting preliminary studies on various crops and discussions with National Development Corporation (NDC) of Tanzania, your Company's subsidiary in Singapore (NBS) has chosen an 'Integrated Oil Palm Project' comprising oil palm cultivation in nucleus farm, oil extraction and refining along with co-generation of power. This project will be developed in an area of about 3,890 ha (to be extended to 10,000 ha). Another similar project is also being simultaneously pursued with Rufiji Basin Development Authority (RUBADA) in an area of about 10,000 ha. NBS has entered into preliminary agreements with the above Tanzanian Government agencies and is pursuing feasibility studies and local clearances. It plans to form local joint ventures with these agencies to implement these agro based projects. OUTLOOK AND FUTURE PLANS: The outlook and future plans of the Company have been mentioned in detail under the 'Management Discussion and Analysis' section that forms part of this report. DIVIDEND ON EQUITY SHARE CAPITAL: Considering the satisfactory performance of your Company and keeping in view the ongoing capital works and growth trajectory, your Directors are pleased to recommend dividend at Rs.4.00/- per Equity Share of Rs.2/- each, subject to necessary approvals. The aggregate dividend payout for the year 2011-12 amounts to Rs.39.20 Crore, including corporate dividend tax. FCCB: The Company issued FCCBs to an extent of JPY 6000 million including Green Shoe Option at an initial conversion price of Rs.136.50 per Equity Share of Rs.2/- each during the financial year 2006-07. FCCBs to an extent of JPY 2480 million were converted into 77,76,303 equity shares of Rs.2/- each at a revised conversion price of Rs.132.96 per share as on 31st March, 2008. During the financial year 2010-11, the Company issued a notice for conversion of FCCBs fixing the date of conversion as 28th February, 2011. The Company received the conversion notice from M/s. Kingfisher Capital CLO Limited, Cayman Islands for conversion of 323 FCCBs of JPY 3230 million and 1,29,23,073 equity shares of Rs.2/- each were allotted to M/s. Kingfisher Capital CLO Limited, Cayman Islands on 18th August, 2011 constituting 14.47% of the post paid up capital of the Company. The balance 29 Bonds for JPY 290 million were redeemed on 29.09.2011 on maturity and no FCCBs are therefore outstanding. The sources and uses/application of funds are disclosed to and considered by the Audit Committee on a quarterly basis and as a part of the quarterly declaration of financial results. The Company has not utilised any part of the said funds for the purposes other than those stated in the offer documents or Notices. EMPLOYEES' STOCK OPTION SCHEME: The Company has no Options outstanding as at the beginning of the year and has not granted any Stock Options during the year 2011-12. The prescribed details relating to ESOS as per the SEBI Guidelines are set out in Annexure-II. LISTING OF SHARES: The Securities of the Company are listed at National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The listing fees for these Stock Exchanges were paid. FIXED DEPOSITS: The amount of deposits outstanding as on 31st March, 2012 was nil. There were no overdue deposits, as on date. INSURANCE: All the properties of the Company including buildings, plant and machinery and stocks have been adequately insured. DIRECTORS: In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Sri G.R.K. Prasad, and Dr. D Nageswara Rao, Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for re- appointment. SUBSIDIARY COMPANIES AND CONSOLIDATED ACCOUNTS: The Company has Indian and Overseas direct and step down Subsidiaries, the details of which are given below: The Company has opted to avail the exemption, provided under Section 212 (8) of the Companies Act, 1956 and accordingly disclosed the prescribed information in aggregate for each subsidiary including step down subsidiaries covering capital, reserves, total assets, total liabilities, investments, turnover, profit before taxation, provision for taxation, profit after taxation etc. The Annual accounts of the subsidiary companies shall also be kept for inspection by any shareholder in the Registered Office of the holding company and of the subsidiary companies concerned. The Company shall furnish a hard copy of Annual Reports of the subsidiaries to any shareholder on demand at any point of time. The audited Consolidated Financial Statements are provided in the Annual Report. Nava Bharat Projects Limited (NBPL): NBPL, a wholly owned subsidiary of the Company, is engaged in project support and maintenance services for the group companies and is the intermediate holding Company of NBEIL, which is executing the 150 MW power project at Paloncha. The proceeds of the second tranche of sale of shares in Navabharat Power Private Limited to Essar Power Limited, net of income tax, were deployed in Nava Bharat Energy India Limited (NBEIL) as part of sponsor's contribution in the project finance of NBEIL. During the year, NBPL has, leveraged its rich experience in power projects and extended Project Management Services to Maamba Collieries Limited, especially in the evaluation and selection of EPC and Non-EPC contracts and detailed project engineering which helped the latter to fast track the implementation of 300 MW coal fired power project in Zambia. Nava Bharat Energy India Limited (NBEIL): NBEIL is the step down subsidiary through NBPL and is implementing a 150 MW coal fired power project at Paloncha. The Power project is likely to be commissioned in the last quarter of FY 2013. Brahmani Infratech Private Limited (BIPL): The Company currently holds 65.74% of the equity share capital of BIPL while the balance equity is held by others. BIPL was entrusted with the implementation of an SEZ project by the Govt. of AP/APIIC. The Company entered into a Joint Development Agreement (JDA) with M/s. Mantri Technology IT Parks Private Limited (MTPL), a subsidiary of M/s. Mantri Developers Private Limited, Bangalore (MDPL), who had agreed to develop the Project and assumed responsibility to market built up area of this SEZ Project. However, MTPL could not comply with the obligations and responsibilities envisaged and undertaken by them as per the provisions of the JDA. As there has been little or no activity on the Project, the Company has repeatedly requested MTPL to at least achieve minimum milestones to enable the Company to seek additional time from the Government of Andhra Pradesh for the Project. While MTPL could not comply with this, except to the extent of constructing a small incubation space, it has recently sought to exit from the Project, citing purported impediments and setting untenable conditions, in utter violation of the terms of JDA. Your Company deems this action on the part of MTPL (and indirectly by MDPL) as giving rise to material breach of the JDA and intends to invoke its rights under the JDA to take suitable action against MTPL and MDPL while engaging the APIIC and the Government of Andhra Pradesh to seek suitable extension of time lines and for induction of new technical associate and, in case this proposal is not acceptable to the Government of Andhra Pradesh, to surrender the allocated land, in full or in part. The Company has initiated the process for requisite Corporate approvals in this regard. Kinnera Power Company Limited (KPCL): KPCL, though a subsidiary with the Company holding 50.3% of the small equity capital of Rs.9.94 lakhs, is at present the investment arm of Meenakshi Infra Group (Meenakshi). Meenakshi implemented a road project of National Highway Authority of India (NHAI) through Malaxmi Highway Pvt. Ltd. (MHL) the Special Purpose Company (SPC), formed for this project. Meenakshi funded the project through a combination of redeemable preference shares and their share of equity aside from long term project debt without any contribution from KPCL. The road project has since been commercialised. There being no economic interest, the Company intends to offload its stake in KPCL and MHL eventually to Meenakshi Group as permitted by NHAI in due course and hence consolidation of accounts of KPCL and MHL are not done with those of the Company. Nava Bharat Realty Limited (NBRL): NBRL is a wholly owned subsidiary of the Company and proposes to be engaged in realty focused investments. There have been no operations in this company. Nava Bharat Sugar and Bio Fuels Limited (NBSBL): NBSBL is a wholly owned subsidiary of the Company and proposes to be engaged in sugar, bio-fuel and agri based investments. There have been no operations in this company. Nava Bharat (Singapore) Pte. Limited (NBS): NBS is a wholly owned subsidiary of the Company. The nature of activities and details of the principal investments of NBS are already covered under the section 'International Foray'. PT Nava Bharat Indonesia (NBI) and PT Nava Bharat Sungai Cuka (NBSC): NBI and NBSC were formed through NBS to pursue the Indonesian mineral opportunities. The initial investment for a small coal concession ran into litigation with the sellers in Indonesia and their associates in Singapore. As such, NBS has stopped further exposure and investments into Indonesia and is confident of recovering the investment of about US$ 7 Million. Maamba Collieries Limited (MCL): MCL is a step down subsidiary of the Company with 65% control through Nava Bharat (Singapore) Pte. Limited. The activities and details of the integrated coal mining & power project taken up by MCL at Maamba, Zambia are already covered under the section 'International Foray'. Kobe Green Power Co. Ltd. (KGP): KGP is a Japanese company in which NBS has taken a majority stake. KGP holds the development rights for a Hydel Power Concession in Laos for about 100 MW. A project company will be formed to implement the Hydel Power project, estimated to cost around USD 300 million. Details of the above project are already covered under the section 'International Foray'. Nava Bharat Africa Resources Pvt. Ltd. (NBAR): NBAR is a step down subsidiary of the Company through NBS and is expected to focus on investments in the SADC region. NBS plans to evolve a tax efficient holding structure for its investments in Africa and utilise NBAR, if found feasible, for this purpose. During FY 2011-12 there have been no operations in NBAR. AUDITORS M/s. Brahmayya & Co., Chartered Accountants, Hyderabad, the Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956 and that they are not disqualified for re-appointment within the meaning of Section 226 of the said Act. COST AUDIT: M/s. Narasimha Murthy & Co, Cost Auditors, have been appointed by the Company to conduct the cost audit in respect of industrial alcohol, sugar and electricity for the financial year 2011-12. The approval of the Central Government was received for this appointment. Further, Govt. of India vide Order dated 30th June, 2011 clarified that all the Steel Plants manufacturing products covered under Steel (Chapter 72 and 73 of Central Excise and Tariff Act 1985) should get Cost Records audited. As per the Order, the Ferro Alloy Plants at Paloncha and Odisha are also covered under Cost Audit for the FY 2011-12. M/s. Narasimha Murthy & Co., Cost Auditors, have been appointed by the Company to conduct the Cost Audit of Steel (Ferro Alloys) and the same was approved by the Central Government. The Cost Audit reports for 2011-12 were due to be submitted on or before 30th September, 2012. The Cost Audit reports for 2010-11 were filed with Ministry of Corporate Affairs on 21st August, 2011. MANAGEMENT DISCUSSION AND ANALYSIS REPORT: Management's Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges in India, is presented in a separate section forming a part of the Annual Report. DIRECTORS' RESPONSIBILITY STATEMENT: The Directors confirm that in the preparation of Annual Accounts for the year ended 31st March, 2012. - All applicable accounting standards were followed. - The accounting policies framed in accordance with the guidelines of the Institute of Chartered Accountants of India have been applied. - Reasonable and prudent judgement and estimates were made so as to give a true and fair view of the state of affairs of the Company. - Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, as applicable. - The annual accounts were prepared on a going concern basis. CORPORATE GOVERNANCE: A separate section on Corporate Governance with a detailed compliance report thereto is annexed and forms a part of the Annual Report. The Auditors' Certificate in respect of compliance with the provisions concerning Corporate Governance, as required by Clause 49 of the Listing Agreement, is also annexed. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND: Pursuant to the provisions of Section 205A(5) of the Companies Act, 1956, relevant amounts which remained unclaimed for a period of 7 years have been transferred by the Company to the Investor Education and Protection Fund. TRANSFER OF PHYSICAL SHARE CERTIFICATES TO UNCLAIMED SUSPENSE ACCOUNT IN ELECTRONIC MODE: M/s. Karvy Computershare Private Limited as Registrars & Transfer Agents had sent notices under Clause 5A of the Listing Agreement to postal return cases and for the remaining physical share certificates lying with the Company in respect of stock split, they had sent 3 formal reminders by Registered Post. The Company's Registrars sent notices under Clause 5A to stock split cases also as first reminder on 14.04.2012. Further, two more reminders will be sent in the FY 2012-13 in respect of stock split cases to minimise the number of Unclaimed Physical Stock Split cases. A demat account under the name and style of 'Nava Bharat Ventures Limited- Unclaimed Suspense Account' was opened by the Company and the unclaimed shares in respect of 6 shareholders for 915 equity shares were transferred to the said account on 11.05.2012. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE: In accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956, the required information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo have been given in the Annexure-I, which forms a part of this Report. INDUSTRIAL SAFETY AND ENVIRONMENT: Safety & Environment: Your Company continues to give utmost importance to safety of personnel and equipment in all its plants. The safety measures adopted are reviewed thoroughly and several proactive steps taken to avoid accidents. In addition, safety drills are conducted at regular intervals to train the workmen and staff for taking timely and appropriate action in case of accidents. Particulars of Employees: As required by the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the Annexure- III to the Directors' Report. Voluntary Guidelines on Corporate Governance and Corporate Social Responsibility: The Ministry of Corporate Affairs, Govt. of India, issued Voluntary Guidelines for Corporate Governance and for Corporate Social Responsibility. The Voluntary Guidelines for Corporate Governance provide for various measures and your Company considers the same in due course. Awards: Your Company received the following awards/recognitions during 2011-12: 1. CII Environmental Best Practices Award 2012 for Most Innovative Environmental Project (Ferro Alloy Plant, Paloncha received this award) from Confederation of Indian Industry. 2. 5-S Excellence Award 2011 (Sugar Division received this award) from Confederation of Indian Industry (Southern Region). 3. National Award for Excellence in Water Management 2011 as Water Efficient Unit (Power Plant at Kharagprasad received this award) from Confederation of Indian Industry. 4. National Award for Excellence in Energy Management 2011 as Energy Efficient Unit (Power Plant at Paloncha received this award) from Confederation of Indian Industry. 5. National Award for Excellence in Energy Management 2011 as Excellent Energy Efficient Unit (Sugar Division received this award for the 5th consecutive year) from Confederation of Indian Industry. 6. Best Cogen Award 2011 as 3rd Best Performing Cogen Factory in Andhra Pradesh from South Indian Sugar Cane & Sugar Technology Association. 7. Prakruti Mitra Puraskar 2010-11 for being Excellent in the field of Conservation of Nature & Protection of Environment in the Block level, Village/Organisation from Forest and Environment Department, Government of Odisha. GREEN INITIATIVE IN CORPORATE GOVERNANCE BY HON'BLE MINISTRY OF CORPORATE AFFAIRS: The Ministry of Corporate Affairs (MCA) has taken a green initiative in Corporate Governance by allowing paperless compliances by the Companies and permitted the service of Annual Reports and documents to the shareholders through electronic mode subject to certain conditions. Your Company appreciates the initiative taken by MCA as it strongly believes in a green environment. This initiative also helps in prompt receipt of communication, apart from avoiding losses/delays in postal transit. The Notice of Annual General Meeting, Full Annual Reports and all communications hitherto were sent to the members in electronic form at the e-mail address provided by them to the depositories or Registrars & Transfer Agents of the Company. The Annual Reports will be sent by post physically to the Members, whose e- mail addresses are not registered. Members can also have access to the documents through the Company's website. The documents will also be available to the members for inspection at the Registered Office of the Company during the office hours. Members are also entitled to be furnished with hard copy of annual report, free of cost, upon receipt of requisition, at any point of time. INDUSTRIAL RELATIONS: Industrial relations have been cordial and your Directors appreciate the sincere and efficient services rendered by the employees of the Company at all levels towards successful working of the Company. ACKNOWLEDGEMENT: Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Financial Institutions, the Company's Bankers, Insurance companies, the Government of India, Governments of Andhra Pradesh, Odisha and the State utilities and Shareholders during the year under review. For and on behalf of the Board P. Trivikrama Prasad Managing Director Place: Hyderabad D. Ashok Date : 30th May, 2012 Chairman ANNEXURE-I TO THE DIRECTORS' REPORT Information under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of the Board of Directors) rules, 1988 and forming part of Directors' Report. A. CONSERVATION OF ENERGY: (a) Energy conservation measures taken: I) Sugar Division: i. Replacement of LP steam with MP steam along with a recirculation line from Vapor Absorption Heat Pump outlet to common condensate tank. II) Power Division: Power Plant (AP - Paloncha) i. Reduction in specific steam consumption of Unit 1 by conducting Vacuum leak, helium test, identifying leaks and rectifying the same. ii. Laying of second waste water line for bed ash handling to avoid fresh water usage. iii. Laying of transparent sheets on Crusher houses and silo top shed for utilising day light at CHP 1. iv. Conducting Energy audit by authorised auditor (SEE Tech) of BEE for fixing base line energy consumptions. v. Replacement of 20 nos. of 36W fluorescent lamps with 28W-T5 lamps in 6.6 kV switch gear room and CW pump house. vi. Commissioning of on line electrical energy monitoring system. vii. Installation of Light Pipes at general stores. Power Plant (Odisha): i. Installation of Godrej compressed air management system for Instrument air compressors header. ii. Reducing the pressure of service air by tapping from ash conveying air instead of instrument air. iii. Replacement of 47 nos. of 70W HPSV Lamps with 35W CFL in TG building and 18 nos. of 70W HPSV lamps with 18W CFL in cable cellar of both the Power Plants. iv. Replacement of 24 nos. of 150W HPSV lamps with 35W CFL in 30 MW Power Plant. v. Replacement of 4 nos. of 400W HPSV lamps with 200W induction lights in TG building and 4 nos. of 400W with 35W CFL in DM Plant. vi. Changing the tap positions of Auxiliary Distribution Transformer (ADT) - 5 & 6 of both the Power Plants. III) Ferro Alloy Division: Andhra Pradesh: i. Replacement of 20 nos. of 400W MV lamp fittings with 200W industrial high bay induction light fittings at gantry bay. ii. Replacement of 6 nos. of old type window air conditioners with new 5 star rated split air conditioners in silicon house (guest house). Odisha: i. Replacement of 170 nos. of T8 tube lights with energy efficient T5 lights and incandescent bulbs with CFL lights. ii. Replacement of balance 4 nos. of cooling tower blades with Fiber Reinforced Plastic (FRP) blades. iii. Replacement of 10 nos. of 250W MH fittings with 96W fittings. iv. Fixing of 26 nos. of energy efficient ceiling fans. (b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy: I) Power Division: Power Plant (AP-Paloncha): i. Renovation of WHRS to increase the heat pick up from Furnace 4 exhaust flue gases. Power Plant (Odisha): i. Plugging of leakages from expansion bellows in both the boilers of Unit 2 during annual shutdown. ii. Disposal of neutralisation effluent by gravity flow. Other Investment Proposals for 2012-13 I) Power Division: Power Plant (AP-Paloncha): i. Installation of variable frequency drive for boiler feed pumps. Power Plant (Odisha): i. Replacement of 110kW vertical pump of 2nd jack well with 75kW vertical pump at Raw Water Pump House. ii. Replacement of 11 kW DM water transfer pump with energy efficient pump. iii. Arrangement of bypass chute for primary crusher of Coal Stacking System. II) Ferro Alloy Division Andhra Pradesh: i. Mechanisation of coal handling. Odisha: i. Replacement of HSD oil burner of chrome ore dryer with coal fired, fluidised bed combustor. ii. 100% utilisation of oxygen gas from liquid oxygen tank instead of using conventional oxygen for furnace tapping operations. (c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: I) Sugar Division: i. Replacement of LP steam with MP steam along with a recirculation line from Vapor Absorption Heat Pump outlet to common condensate tank resulted in saving of 323 MT of bagasse. II) Power Division: Power Plant (AP-Paloncha): i. Reduction in specific steam consumption of Unit 1, vacuum leak, helium test was conducted and identified leaks were attended. Steam consumption of ejector reduced by 1 TPH. ii. Laying of second waste water line for bed ash handling to avoid fresh water usage resulted in reduction of fresh water drawl by 500 M3/day. iii. Laying of transparent sheets on Crusher houses and silo top shed for utilising day light at CHP 1 resulted in energy saving of 16 kWh/day. iv. Targets for energy consumption will be fixed shortly by BEE as per the energy audit conducted by SEE Tech, authorised auditor of BEE. v. Replacement of 20 nos. of 36W fluorescent lamps with 28W-T5 lamps in 6.6 kV switch gear room and CW pump house resulted in energy saving of 8 kWh/ day. vi. On line electrical energy monitoring system facilitated improved performance monitoring. vii. Installation of Light Pipes at general stores resulted in energy saving of 15 kWh/day. Power Plant (Odisha): i. Installation of Godrej compressed air management system for Instrument air compressors header resulted in saving of 245kWh per day during trial run. ii. Reducing the pressure of service air by tapping from ash conveying air instead of instrument air resulted in initial saving of 1920kWh per day. iii. Replacement of 47 nos. of 70W HPSV: Lamps with 35W CFL in TG building and 18 nos. of 70W HPSV lamps with 18W CFL in cable cellar of both the Power Plants resulted in saving of 55kWh per day. iv. Replacement of 24 nos. of 150W HPSV lamps with 35W CFL in 30 MW Power Plant resulted in saving of 41 kWh per day. v. Replacement of 4 nos. of 400W HPSV lamps with 200W induction lights in TG building and 4 nos. of 400W with 35W CFL in DM Plant resulted in saving of 29 kWh per day. vi. Changing the tap positions of Auxiliary Distribution Transformer (ADT) -5 & 6 of both the Power Plants resulted in saving of 2,196 kWh per day. vii. Plugging of leakages from expansion bellows in both the boilers of Unit 2 resulted in saving of 288kWh per day. viii. Disposal of neutralisation effluent by gravity flow resulted in saving of 7kWh per day. III) Ferro Alloy Division Andhra Pradesh i. Replacement of 20 nos. of 400W MV lamp fittings with 200W industrial high bay induction light fittings at gantry bay resulted in energy saving of 21,888 units per year. ii. Replacement of 6 nos. of old type window air conditioners with new 5 star rated split air conditioners in silicon house (guest house) resulted in saving of 5,940 units per year. Odisha: i. Replacement of 170 nos. of T8 tube lights with energy efficient T5 lights and incandescent bulbs with CFL lights resulted in saving of 24,743 kWh per year. ii. Performance after replacement of balance 4 nos. cooling tower blades with Fiber Reinforced Plastic (FRP) blades was under observation. Energy savings on account of this would be given later. iii. Replacement of 10 nos. of 250W MH fittings with 96W fittings resulted in saving of 9,106 kWh per year. iv. Fixing of 26 nos. of energy efficient ceiling fans resulted in saving of 3,986 kWh per year. (d)(i) Total energy consumption and energy consumption per unit of production. FAP(AP) FAP(O) Current Previous Current Previous Year Year Year Year 31st March, 31st March, 31st March, 31st March, 2012 2011 2012 2011 Ferro Alloy Division: A. Power and fuel Consumption: 1. Electricity: a. Electricity Purchased from CPP: Units (kWh) 27,63,76,753 26,64,60,530 10,33,57,207 3,20,66,494 Total amount (Rs. 8,208.39 7,077.69 5,126.52 1,250.59 in lakhs) Rate/Unit (Rs.) A 2.97 2.66 4.96 3.90 b. Electricity Purchased from GRID: Units (kWh) 1,34,000 38,000 1,79,000 35,900 Total amount (Rs. in lakhs) 212.32 204.16 50.16 6.53 Rate/Unit (Rs.)D 158.45 537.26 28.02 18.20 c. Own Generation: i) Through Diesel - - 160 1,412 Generators (Units) Units per litre - - 4.20 4.60 of Diesel Oil Cost/Unit (Rs.)B - - 39.80 34.15 ii) Through Steam } Turbine Generator: } } Units } } Export } Not Applicable Not Applicable } Consumption } } Units per ltr. } of fuel oil/gas } } Cost/Unit (Rs.) } } 2. Coal } - - - - 3. HSD (in Ltrs) - - 445519 201923 (Used for chrome ore dryer)c 4. Others/internal - - - - generation/Natural Gas B. Consumption per Unit of production 1. High Carbon Silico Manganese Power (Kwh)/MT) 4,348 4,374 - - Total Production 63,602 56,585 - - (MT) 2. High Carbon Ferro Manganese Power (Kwh)/MT) - 3,365 - - Total Production (MT) - 5,645 - - 3. High Carbon Ferro Chrome Power (Kwh)/MT) - - 3,957 3,981 Total Production (MT) - - 26,163 8,063 FAP(AP): D The rate/unit is high due to minimum MD charges and less consumption of units. FAP(O): A The cost of purchased power is increased with reference to the revised rates of retail tariff from April 2011. BThe cost of unit rate of own generation through DG sets is increased with the hike in diesel prices. CThe increase in consumption of HSD is with reference to the increased Ferro Chrome production. (ii) Total energy consumption and energy consumption per unit of production: Current Year Previous Year 31st March, 31st March, 2012 2011 Sugar Division: A. Power and fuel Consumption: 1. Electricity: a. Electricity Purchased: Units (kWh) 1050030 859730 Total amount (Rs. in lakhs) 59.37 45.45 Rate/Unit (Rs.)A 5.65 5.29 b. Own Generation: i) Through diesel generator (Units) 28248 15176 Units per litre of diesel oil 2.52 1.72 Cost/Unit (Rs.)B 16.78 23.08 ii) Through Steam Turbine Generator: Units 21480500 21369800 Export 9072650 10183970 Consumption 12407850 11185830 Units per ltr. of fuel oil/gas - - Cost/Unit (Rs.) 2.85 2.84 (Subject to cost audit) 2. Coal (Distillery) - - 3. Furnace Oil (LDO in Lts) - - 4. Others/internal generation/Natural Gas - - B. Consumption per unit of production: 1. Sugar from cane (Qtl.)C Power (kWh) 26.99 26.39 Steam (Tonne) 0.33 0.32 2. Sugar from raw sugar (Qtl.) Power (kWh) - - Steam (Tonne) - - 3. Alcohol (kL)D Power (kWh) 269.75 1180.78 Steam (Tonne) 1.31 3.71 AThe purchase price per kWh of electrical energy increased due to increase in tariff rates from April, 2011. BThe cost of power generation by DG set decreased due to full loading of diesel set on account of distillery operations. CThe power and steam consumption for manufacture of sugar increased due to increase in grain size from 46.84 to 54.94. DThe power and steam consumption for distillery decreased due to increase in alcohol production from 168 kL to 1327 kL. As per the prevailing rules, Power Generation is excluded industry for the purpose of this information under (d) and hence the above particulars pertain to Ferro Alloys Plant and Sugar Plant only. B. Technology Absorption: (e) Efforts made in technology absorption: 1. Areas in which efficiency improvement was carried out by the Company. I) Power Division Power Plant (AP-Paloncha) i. New Generator Transformer installed for Unit 1. Power Plant (Odisha) i. Reducing the MOT oil vapor exhaust fan vacuum from 1.9 kPa to 0.5 kPa to minimise oil losses in exhaust. ii. Modification of steam trap of Turbine. iii. Construction of collection pit for drain oil near Unit 1 turbine oil centrifuge. iv. Commissioning of online monitoring system for the stacks of Unit 1 & 2 Power Plants. v. Commissioning of Two ton hoist at the chlorination shed of 30MW Power Plant. vi. Commissioning of crushed coal stacking system. vii. Installation of pressure transmitters in turbine control oil system. viii. Replacement of MS surge hoppers with SS surge hoppers for boilers of Unit 2 Power Plant. ix. Provision of sleeves to parent tubes of Air Pre Heaters of both the boilers of Unit 2 Power Plant. II) Ferro Alloy Division: Andhra Pradesh: i. Replacement of 3 nos. of old 11kV, GEC make breakers at Pump House, Gas Cleaning Plant and Sinter Plant with SIEMENS make HT breakers. ii. Replacement of 4 nos. of old instruments with new instruments at batch weighing system. iii. Replacement of 2 nos. of old type distribution boards at auto garage with latest switch gear and earth leakage protection. iv. Replacement of 30 nos. of old main switches with Earth Leakage Circuit Breakers at staff quarters. v. Utilisation of waste water for dust suppression by means of sprinklers at raw material handling yards. vi. Providing Day bunkers for Sinter Plant. Odisha: i. Arrangement of individual sources of power for simultaneous operation of both the granulation pumps. ii. Arrangement of chute level sensors for Furnace 1 to facilitate auto feeding of raw material into the furnace. iii. Change in the process of handling fines in Metal Recovery Plant resulting in separation of +45 grade and +55 grade metal fines which are directly saleable. iv. Installation of tank for liquid oxygen instead of loose cylinders of conventional oxygen for use in furnace tapping operations. Benefits derived as a result of above modifications. I) Power Division: Power Plant (AP-Paloncha): i. Safe operation of Unit 1 Generator (50 MW). Power Plant (Odisha): i. Conservation of turbine lube oil. ii. Minimisation of steam losses (quantum of reduction in losses to be observed). iii. Conservation of turbine lube oil. iv. Continuous monitoring of stack emissions. v. Reduced risk while handling the chlorine cylinder. vi. Reduction in unloading time of coal. vii. Monitoring of turbine control oil pressure. viii. Reduction in erosion of surge hoppers and thereby coal leakage. ix. Reduction of damage/erosion of parent tubes of Air Pre Heater of Boilers. II) Ferro Alloy Division Andhra Pradesh: i. Improved safety. ii. More reliable operation of the equipment. iii. Easy maintenance. iv. Improved safety. v. Fresh water consumption reduced, leading to conservation of this valuable natural resource. vi. Proper mixing ratio of Mn ore and Coke fines in sinter. Odisha: i. Flexibility to start tapping in Furnace 1 even while granulation is in progress without waiting. ii. Timely feeding to avoid inadequate raw material feed to the Furnace. iii. Improvement in quality of fines to directly saleable grades. iv. Reduction of oxygen consumption and its cost per m3. 3. Future Plan of Action: I) Power Division: Power Plant (AP-Paloncha): i. Reduction of ESP emissions as per the latest norms of Pollution Control Board. ii. Installation of additional dust extraction and dust suppression systems for Coal Handling Plant 1. Power Plant (Odisha): i. Installation of Ammonia dosing system in the ESP of Unit 1 Power Plant to reduce stack emissions. ii. Construction of silt catch pits at coal stock yard and near weigh bridges 4 & 5 for collecting coal related suspended particles. iii. Dry ash collection system in ash silos area. Feasibility study under progress. II) Ferro Alloy Division: Andhra Pradesh: i. Partial mechanisation of finished product handling. Odisha: i. Incorporation of PLC for raw material handling system. ii. Conversion of dryer inlet belt feeders to belt weigh feeders. 4. Expenditure on Efficiency Improvement: (Rs. in lakhs) Sugar FAP(AP) FAP(O) PP(AP) Division a. Capital 0.30 207.00 4.35 125.00 b. Recurring - - - - c. Total 0.30 207.00 4.35 125.00 d. Total expenditure on efficiency - 0.53 0.05 0.40 improvement as a percentage of total turnover Technology absorption, adaptation and innovation: No imported technology is in operation. C. Foreign exchange earnings & outgo: (f) Activities relating to exports, initiatives taken to increase exports, development of new export markets for products and services and export plans: The Company has been exporting Ferro Alloys to Japan; Netherlands; Turkey; U.K; Italy; Korea, New Zealand; U.S.A., and Mexico. The total quantity exported during 2011-12 stood at 43,108 M.T. with an FOB value of USD 50,123,354.40. (g) Total Foreign exchange used and earned: (Rs. in lakhs) Current Previous Year Year 31st March, 31st March, 2012 2011 1. Foreign Exchange Outgo: i. CIF value of Imports 5090.30 14537.98 ii. Interest 126.79 199.10 iii. Others 205.94 167.84 2. Foreign Exchange Earnings at FOB Value: i. Export of goods 23640.91 29596.78 ii. Others 449.94 202.88 For and on behalf of the Board P. Trivikrama Prasad Managing Director Place: Hyderabad D. Ashok Date : 30th May, 2012 Chairman ANNEXURE-II TO THE DIRECTORS' REPORT ESOP Disclosures made under Clause 12.1 of the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. 1. Number of Options granted No options granted during the current year. 6,00,000 options granted during the year 2006-07. 2. Pricing Formula 80% of the latest available closing price of the equity shares of the company on NSE prior to the date of meeting of the Compensation committee (Rs. 90.52). 3. Number of Options vested As on Options vested 05.01.2008 1,80,000 05.01.2009 1,80,000 05.01.2010 2,40,000 TOTAL 6,00,000 4. Number of Options During the year Options exercised exercised 2007-08 1,09,890 2008-09 31,560 2009-10 2,82,730 2010-11 1,09,210 2011-12 NIL TOTAL 5,33,390 5. Total number of shares 5,33,390 arising out of exercise of Options 6. Number of Options lapsed 66,610 7. Variation in the terms No Variations of the Options 8. Money realised by During the year Amount (Rs.) exercise of Options 2007-08 99,47,242.80 2008-09 28,56,811.20 2009-10 2,55,92,719.60 2010-11 98,85,689.20 2011-12 NIL TOTAL 4,82,82,462.80 9. Total number of Options NIL in force 10. Employee wise details No Options were granted during the current of Options granted to year. a. Senior Management Personnel Name of the employee Number of Options granted in 2006-07 and exercised Sri CV Durga Prasad 43,700 Sri GRK Prasad 39,600 Sri Y Poornachandra Rao 32,700 Sri J Ramesh 31,500 Sri ASN Murthy 22,100 Sri N Prabhakar 20,300 Sri G.P. Vardhana Rao 19,900 Sri A Venkata Rao 24,700 b. Any other employee who Name of the employee Number of Options receives a grant in any Granted in granted one year of Option amounting 2006-07 and to 5% or more of Options exercised during the year Sri CV Durga Prasad 43,700 Sri GRK Prasad 39,600 Sri Y Poornachandra Rao 32,700 Sri J Ramesh 31,500 c. Identified employees who None of the employees was granted Options were granted Options, during equal to or exceeding 1% of the issued any one year, equal to or capital of the Company at the time of exceeding 1% of the issued grant. capital (excluding outstanding warrants and conversions) of the company at the time of grant. 11. Diluted Earnings Per Rs. 21.46 Share (EPS) pursuant to issue of shares on exercise of Option calculated in accordance with Accounting Standard (AS) 20-Earnings Per Share 12. Where the company has Net Income for 2011-12 18,080.67 calculated the employee (as reported) (Rs. in compensation cost using lakhs) the intrinsic value of the stock Options, the Add-Intrinsic Value (Rs. difference between the in-lakhs) employee compensation cost so computed and the Less-Fair Value - employee compensation (Rs. in lakhs) cost that shall have been recognised if it had used Adjusted Proforma Income 18,080.67 the fair value of the (Rs. in lakhs) Options, shall be disclosed. The impact of this Basic EPS difference on profits and As reported Rs.21.46 on EPS of the company shall also be disclosed As adjusted Rs.21.46 Diluted EPS As reported Rs.21.46 As adjusted Rs.21.46 13. a. Weighted average No options granted during the year. exercise prices for Options whose exercise price- i. Equals market price ii. Exceeds market price iii. Is less than market price 13. b. Weighted fair values No options granted during the year. for Options whose exercise price- i. Equals market price ii. Exceeds market price iii. Is less than market price 14. A description of the No options granted during the year. method and significant assumptions used during the year to estimate the fair values of Options, including the following weighted-average information:- i. Risk free rate ii. Expected life iii. Expected volatility iv. Expected dividends and v. The price of the under- lying share in the market at the time of option grant. For and on behalf of the Board P. Trivikrama Prasad Managing Director Place: Hyderabad D. Ashok Date : 30th May, 2012 Chairman REPORT ON CORPORATE SOCIAL RESPONSIBILITY: Nava Bharat Ventures Limited (NBVL) stands committed to discharge of corporate social responsibility (CSR) which is integral to all its business operations. This is built on the core philosophy that the Company owes its success and growth to various stakeholders, including the society at large. All its manufacturing facilities located in rural areas, NBVL strives to compassionately uplift the needy and underprivileged sections of the communities and contribute to their well being and development. Apart from protection of environment, the Company has chosen three thrust areas to deliver its services under CSR initiatives, viz. health, education and creation of livelihoods. HEALTH: NAVA BHARAT EYE CENTER AT PALONCHA: Eyes are considered to be one of the most vital sensory organs. Nava Bharat Eye Center (NBEC) at Paloncha, managed by the renowned LV Prasad Eye Institute, provides quality treatment and excellent eye care to the populace in and around Khammam district (Andhra Pradesh). FY 2012 has witnessed substantial contribution to eye care of patients coming mostly from rural areas. More than 20,000 outpatients were treated for various eye ailments and about 1,900 ophthalmic surgeries were successfully conducted at NBEC. World-class eye care was delivered to all the patients, irrespective of their ability to pay for the services rendered by the Center. About 43% of outpatients were given free treatment and around 72% of surgeries were conducted free of charge. Pursuing the same philosophy, NBVL donated funds for establishing an Eye Unit at the University Teaching Hospital (UTH) in Lusaka, Zambia for the benefit of Zambian population. This project is under implementation by the Canadian NGO, Operation Eyesight U